$MT · ArcelorMittal
ArcelorMittal reported Q3 2026 results on November 5, 2026. Sales fell 1.8% sequentially to $16.466B, and the company posted a net loss of $391M ($0.52/share) versus net income of $683M ($0.90/share) in Q2 2026, driven by $852M impairment and $293M exceptional charges tied to idling its Kryvyi Rih (Ukraine) operations. Excluding those items, adjusted net income rose to $868M (adjusted basic EPS $1.15) from $683M ($0.90) in Q2 2026. EBITDA was $2.023B (+34% YoY), with EBITDA/tonne of $155/t, and net debt rose to $10.3B from $9.5B.
- Q3 2026 net loss of $391M ($0.52/share) vs $683M income ($0.90/share) in Q2 2026.
- Impairment of $852M and exceptional charges of $293M from idling Kryvyi Rih (Ukraine).
- Adjusted net income rose to $868M (adjusted EPS $1.15) from $683M ($0.90) in Q2 2026.
- EBITDA of $2.023B, up 34% YoY; EBITDA/tonne $155/t, up $44/t YoY.
- Net debt increased to $10.3B from $9.5B; 2026 capex guidance unchanged at $4.5B-$5.0B.
Shares fell 2.66% to $60.83 in the regular session, with a modest -0.12% move since filing time, suggesting the impairment-driven loss was largely anticipated or offset by the strong adjusted earnings beat.
A one-time Ukraine idling charge masks a structurally improving underlying business, with adjusted EPS up 28% sequentially and EBITDA/tonne at $155/t.
The company cites enhanced EU trade measures (CBAM, new TRQ framework) rebalancing European steel fundamentals, with all European blast furnaces back in operation and flat shipment growth expected to accelerate double-digit YoY in Q4.
The $852M impairment and $293M exceptional charges reflect the idling of Kryvyi Rih (Ukraine) operations, including a $170M deferred tax asset reduction. Higher European energy prices created a temporary cost headwind, and mining results were hit by lower prices and higher freight rates.